Layoffs are a sign of the times

HSBC is laying off 10,000 employees worldwide.

HSBC is laying off 10,000 employees worldwide.

In 2007, the Canadian unit of HSBC Finance closed a fifth of its branches, laid off 300 employees, and shutdown 30 of its 140 branches across Canada as “tightened up its credit criteria.”

Usually, the retail sector takes the big hit with job cuts when summer ends, but those layoffs may come early as consumers are forced to make significant changes to their spending habits.

We can thank the Americans for their lack of control on their spending, which has contributed to the lagging consumer confidence.

Additionally we can thank the opposition to the HST who are fighting a tax designed to assist us in affording the programs we need in this province. Without the HST, more jobs will be lost.

Reforms are needed to resolve the systemic problems with our government spending habits. They should — but this will be a bold move in redesigning the way core and essential services are provided.

Reforms would serve vulnerable individuals better than spending our way out of the next recession wave, which will only be more of the same programs at higher costs.

Real reforms that make sense moving into the future will make us more competitive in areas of education and private-sector job growth.

In addition, the global financial challenges has started the dialogue as to how we can provide services without going broke. Regardless of your opinion, the conversation has started, and that is a good thing.

We have a revenue problem, and layoffs are shortsighted answers that will ultimately harm our fragile economy.

William Perry

Victoria

 

Just Posted

Juan de Fuca curlers ‘reeling’ after learning rink will be replaced with dry floor

West Shore Parks & Recreation board says curling rinks not getting enough use

Metchosin driver striking a deer heralds a need for caution

Vehicle incident likely not the last of its kind in Greater Victoria

The rock is no more for Oak Bay ‘Sea Lore’

Council calls for change to controversial location proposed for art installation

Mary Winspear offers out-of-this-world evening with Chris Hadfield

Tickets on sale March 22 for Colonel Chris Hadfield visit May 7

Five highlights in the 2019 federal budget

Latest budget includes a sprinkling of money for voters across a wide spectrum

POLL: When do you think the next major earthquake will hit Vancouver Island?

According to seismologists, Vancouver Island is overdue for a magnitude 7 earthquake.… Continue reading

Greater Victoria Wanted List for the week of March 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

View Royal council to discuss proposed 3.5% tax increase tonight

Budget open house to directly precede the council meeting

Facebook to overhaul ad targeting to prevent discrimination

The company is also paying about $5 million to cover plaintiffs’ legal fees and other costs

B.C. mosque part of open-house effort launched in wake of New Zealand shootings

The ‘Visit a Mosque’ campaign aims to combat Islamophobia

‘That’s a load of crap’: Dog poop conspiracy spreads in White Rock

Allegation picked up steam through a Facebook page run by a city councillor

Explosives unit brought in after suspicious boxes left at B.C. RCMP detachment

Nanaimo RCMP issues all clear after packages were found on lawn earlier in the day

2019 BUDGET: As deficit grows, feds spend on job retraining, home incentives

Stronger economy last year delivered unexpected revenue bump of an extra $27.8 billion over six years

Most Read